This is one of the more surprising moves the Fed has made in a long time. I'm a little bit puzzled by this.

If inflation were to slow down some more, that would put off the date of any further tightening. But if it's stable or rising, the Fed will focus more on job numbers. We think the labor market indicators will be fairly strong.

Profits will probably still decline in the second quarter, but at a slower rate than in the first quarter.

I think the market's reacting appropriately.

We're headed to around 6.5 percent sometime in the first half of next year.

There's a lot of uncertainty about the outlook. There are a lot of risks, mainly downside risks.

[It's] good news because liquidation of inventories sets the stage for stronger orders, stronger production and stronger employment growth down the road.

Their number is in the right ballpark. It could have a substantial effect potentially.

The more important development more recently was the tax cut that was enacted over the weekend, which will provide some pretty good support for consumer spending over the next few quarters.